Business connection exclusion for eligible investment funds when fund management by a qualified external manager meets prescribed conditions. The statute provides that fund management carried out by an eligible fund manager for an eligible investment fund shall not constitute a business connection in India nor render the fund resident in India if the fund and manager satisfy prescribed conditions on residence, treaty coverage, investor composition and concentration limits, investor protection regulation, diversification and corpus thresholds, prohibition on control of Indian business, arm's length remuneration to the manager, registration and independence of the manager, and annual reporting to the tax authority.